Do you dream of studying at a Canadian university? So continue with us to find out more about one of the most important things you need to address before you get there. In order to open a bank account in Canada it is important to know in advance that many banks in the country offer excellent conditions for students, in addition to good guidance on money and budget management. But how to find the best bank account for you there? This is what you will discover now!

• Countryaah: See population statistics by city and age about the country of Canada, including density, growth rates, pyramid, etc.

How to open a bank account in Canada?

Step 1: Choose a bank

As there are many banks in Canada, the best way to narrow your options is to see what these different banks offer to students (see our table below). Most bank accounts in Canada waive monthly fees and offer benefits such as point systems or savings account savings.

It is important to remember that in Canada, you will be charged for each transaction each time you use an ATM from a bank other than yours. Therefore, a good way to choose your bank in Canada is to research which ATMs can be found at your university or near where you will live in the country.

It is also important to think about what your possible bank will offer you. As mentioned above, Canadian banks generally “reward” new account holders with some offer just for opening an account. Then consider which ones are most attractive or useful to you. In addition, some banks offer specific discounts based on the degree program you will be studying, so it is always worth checking your eligibility for some of them.

Also think about issues like having a credit card or savings account in addition to the standard checking account. Not all banks will offer these amenities, so this is a good way to start making your choice.

Step 2: Choose an account

As in Brazil, there are two different types of bank accounts in Canada: checking accounts and savings accounts.

Current account: allows you to deposit and withdraw money as many times as necessary. Generally, when you open a checking account in Canada, you will receive a checkbook and a debit card. Most international students use this account primarily to pay for day-to-day expenses in the country. It is also possible to obtain a credit card through your checking account.

Savings account: due to the possibility of withdrawing money only in the long term, this account is ideal for the student who wants to save money for travel or emergencies or for those who are working in the country and want to save some money when they return to their countries.

Step 3: Open the account

While it is possible to open a bank account in Canada by phone or online , for international students, it may be easier to do this in person. When you go to the bank to open your account, you will need to have at least two of the following documents in hand:

• Passport
• University acceptance letter
• Study permit
• Temporary license (Form IMM 1442, 1208, 1102)
• Canadian or American driver’s license
• Canadian government identification card
• Traveler check

It is worth remembering that these requirements may differ slightly from one bank to another. So, check what your bank requires before arriving at the branch.

What are the best banks to open a bank account in Canada?

We did a quick survey with the main banks in the country to see what they offer to students. Analyze well and see which are the best options for you:

There are also smaller or regional banks, such as Canadian Western Bank and Laurentian Bank, so it is always worth taking a look at these options as long as these banks operate in the region where you are going to live in the country. Other options are online banks , such as Tangerine and Simplii Financial.

Now that you know how to open a bank account in Canada, how about starting to get ready to win your dream opportunity there? We can help you with this through our expert mentoring and our entire team of mentors.